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A group of climate and social justice organizations has issued a formal demand to Warburg Pincus to end its financing of fossil fuels and deforestation. The letter calls for the firm to disclose emissions for current and future energy holdings, shift new energy capital to renewables by 2025-2030, and ensure political contributions align with a 1.5 degree scenario. Additionally, the signatories demand a just transition program for workers and communities impacted by the firm's fossil fuel assets.

The report analyzes the intersection of private equity ownership in the US healthcare sector and the False Claims Act (FCA). It argues that the private equity 'playbook'—prioritizing high returns over short horizons—often leads to fraudulent activities such as billing for medically unnecessary services or using unqualified staff. While private equity firms were historically shielded from FCA settlements, the report highlights a shift in the US Department of Justice's approach, particularly regarding the misuse of CARES Act funds. It provides data on at least 25 companies that paid over $570 million in settlements since 2013 and details case studies involving firms like Riordan, Lewis & Haden and H.I.G. Capital.

The Private Equity Stakeholder Project tracked numerous health care acquisitions in December 2020, noting a trend of consolidation in the dental services industry and raising concerns over the track record of specific firms like H.I.G. Capital.

The Private Equity Stakeholder Project and partners call for the private equity industry to implement six labor standards—including a $15 minimum wage, paid sick leave, and protections against layoffs—to mitigate the negative impacts of private equity takeovers on millions of workers.

The Private Equity Stakeholder Project is calling for transparency regarding the management of human capital and essential workers in the event of a merger between G4S and either GardaWorld (owned by BC Partners) or Allied Universal (backed by Warburg Pincus and CDPQ). The letters highlight that such a merger would create the world's largest private security firm, employing between 635,000 and 760,000 people, and express concern over the lack of articulated plans to support these workers.

The report argues that private equity firms use dividend recapitalizations to extract short-term profits from health care companies by loading them with debt, which can lead to bankruptcy, reduced patient care, and the diversion of public funds. It highlights several case studies where firms paid billions in dividends while facing legal issues or financial decline, and calls for increased transparency and limits on leverage and dividends.

The document highlights the financial losses and legal challenges facing The Blackstone Group due to its extensive fossil fuel portfolio, noting bankruptcies of held companies and significant value drops in its private equity portfolio in early 2020. Despite these risks and community opposition, Blackstone continued to expand its energy holdings in April 2020 through the acquisition of Tallgrass Energy and a stake in Energy Transfer Partners. The text also details environmental violations linked to Blackstone's investments, including a major crude oil leak in the Gulf of Mexico and permit violations involving the Rover Pipeline.

The report examines the growth of private equity (PE) in the behavioral health sector, specifically focusing on autism, eating disorders, and addiction treatment. It argues that PE's demand for outsized returns in an underfunded sector creates risks such as inadequate staffing, reliance on unlicensed personnel, and the potential for patient abuse. The document provides detailed case studies of Sequel Youth and Family Services and Community Intervention Services to illustrate these risks, including allegations of fraud, neglect, and systemic abuse across multiple US states.

Rhode Island Treasurer Seth Magaziner informed Leonard Green & Partners that the Rhode Island pension system will not consider future investments with the firm. This decision follows the firm's management of Prospect Medical Holdings, which Magaziner asserts extracted value from hospitals—including St. Joseph’s Hospital and Our Lady of Fatima Hospital—at the expense of patients and employees, leading to reduced healthcare resources for vulnerable communities and the insolvency of a hospital pension fund.

The report details Blackstone's extensive portfolio of oil, gas, and coal assets, highlighting a pattern of environmental violations and community opposition. It contrasts Blackstone's strategy with a broader trend of declining investor appetite for fossil fuels and notes the firm's political contributions to the Trump administration, which rolled back environmental regulations.

The report alleges that Leonard Green & Partners extracted at least $658 million in fees and dividends from Prospect Medical Holdings while failing to meet capital investment commitments to safety net hospitals. It highlights a $457 million debt-financed dividend in 2018 that may have rendered the company technically insolvent. In Rhode Island, Prospect is accused of misleading regulators by counting operating losses and forgiven management fees as capital expenditures to secure tax breaks. The document also notes similar failures in New Jersey and Pennsylvania and questions the $10 million valuation of Leonard Green's majority stake sale to company management.

Members of Congress allege that Leonard Green & Partners destabilized Prospect Medical Holdings by extracting $658 million in fees and dividends, often funded by debt. The letter claims this financial strategy, combined with failures to meet capital commitments and pension obligations in Connecticut, Pennsylvania, and Rhode Island, left the hospital system vulnerable during the COVID-19 pandemic. The authors demand the return of these funds to ensure continuity of patient care.

The report details how private equity firms continue to acquire coal assets in the US, India, the Philippines, and Europe, often facing financial failure or environmental criticism. While US coal consumption dropped 44% since 2010 and utilities plan to retire dozens of plants by 2025, firms like KKR, Blackstone, and Macquarie have pursued coal investments that have resulted in bankruptcies or increased emissions. The document highlights a disconnect between the global need to reduce coal for the Paris Agreement and the investment strategies of private equity, especially as the COVID-19 pandemic further reduces energy demand.

The report details how private equity firms like Blackstone, KKR, and Macquarie Infrastructure have acquired coal assets in the US, India, the Philippines, and Europe, often facing financial losses or environmental criticism. It contrasts these investments with a broader trend of coal decline, noting that US coal consumption dropped 44% since 2010 and renewable energy is expected to eclipse coal in the US by 2021.

The report details how Leonard Green & Partners acquired Prospect Medical Holdings in 2010 and subsequently extracted between $570 million and $658 million in fees and dividends. This occurred despite a dramatic decline in EBITDA from $142 million in 2015 to $17 million in 2018 and the accumulation of $260 million in unfunded pension liabilities. The document highlights systemic failures, including the complete closure of the Nix Health system in Texas, 'immediate jeopardy' patient conditions in Connecticut, and legal disputes over pensions in Rhode Island and community funding in Pennsylvania. It concludes by urging the Pennsylvania Attorney General to block a change in ownership until Leonard Green returns the extracted funds to support hospitals during the COVID-19 pandemic.

The Private Equity Stakeholder Project argues that Leonard Green & Partners extracted $658 million in fees and dividends from Prospect Medical Holdings despite the hospital chain's declining financial health, poor quality ratings, and unfunded pension liabilities. The letter highlights a $457 million dividend paid in 2018 that allegedly contradicted commitments made to Rhode Island regulators. It also notes that Prospect sold hospital real estate to Medical Properties Trust to pay down $1.1 billion in debt and shut down all facilities in Texas. The author requests that California's Attorney General withhold approval for the ownership transfer to ensure resources are available for the COVID-19 response.

The Private Equity Stakeholder Project alleges that Leonard Green & Partners extracted $570 million to $658 million in fees and dividends from Prospect Medical Holdings while the hospital chain suffered from declining financial performance, poor quality ratings, and underfunded pensions. The document details systemic failures across hospitals in Texas, Connecticut, New Jersey, Pennsylvania, and Rhode Island, including the total closure of the Nix Health System in Texas and lawsuits from pensioners in Rhode Island. It highlights a $457 million dividend paid in 2018 that contradicted assurances given to Rhode Island regulators. The author contends that Leonard Green is attempting to exit its majority stake for a fraction of its acquisition cost, leaving behind a legacy of financial and operational distress in safety net hospitals.

Since 2010, Leonard Green & Partners and other owners collected $658 million in dividends and fees from Prospect Medical Holdings, despite the company facing severe operating challenges, underfunded pensions, and low quality ratings from the Centers for Medicare and Medicaid Services. A significant $457 million debt-financed dividend paid in 2018 contradicted previous assurances given to Rhode Island regulators that no further distributions were planned. During the same period, Prospect's EBITDA fell from $142 million in 2015 to $17 million in 2018, and its pension fund funded ratio dropped from 68.3% in 2016 to 60.7% in 2018.

The Private Equity Stakeholder Project and other organizations demand that American Securities end the 'predatory behavior' of its portfolio company, GTL, by providing unlimited free phone, video, and email services to incarcerated individuals during the COVID-19 pandemic. The authors argue that GTL's high rates—sometimes as much as $16.50 for a 15-minute call—exploit vulnerable populations, disproportionately women of color, and exacerbate the health risks of isolation during the pandemic.

The letter argues that Attenti exploits people in the criminal legal system by charging high fees for electronic monitoring, which can lead to re-incarceration for non-payment. The authors demand that Apax Partners stop Attenti from lobbying for increased monitoring, eliminate activation and monitoring fees for recently released individuals, and waive fees for those currently under surveillance.